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Specifications
For Equity LEAPSŪ (Long-Term Equity Anticipation SecuritiesŪ)
Exchanges
AMEX, BOX, CBOE, ISE, NYSE Arca, PHLX.
Description
Equity LEAPSŪ are American-style options on certain equities that
have terms of up to three years. With the exception of the specifications
listed below, Equity LEAPSŪ specifications are the same as those for regular-term
equity options.
Equity LEAPSŪ have unique symbols to distinguish them from their corresponding
regular-term options.
Strike Prices
Initial strike prices are generally set within 25% above or below the
underlying stock's price.
Expiration Dates
AMEX-, BOX-, CBOE-, ISE-, NYSE Arca- and PHLX-traded LEAPSŪ expire in January of the
designated year. Expiration occurs on the Saturday following the third
Friday of the expiration month. All equity LEAPSŪ expire in January.
Position and Exercise Limits
Positions must be aggregated with those of any other option on the same
underlying security for the purpose of position and exercise limits.
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